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Fraud*According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain*As defined in Wikipedia

Tuesday, October 12, 2010

Editor's Note: To all our GS666 readers. The battle against big banks and The Too Big To Fail is just beginning. We here at GS666 have been attempting to expose the truth thereby forcing resolutions for the many lawless injustices practiced by them. In our departure from GS only material, we are and will be offering information and commentary on what will probably become the hottest topic since the beginning of this bank created scam on the world. The evidence of fraud by banks and attorneys is reprehensible. Our founder Mike Morgan thought so when he created this blog. He believed in it and stood by his convictions as Goldman Sachs attempted to shut him up and shut this blog down. Those of us who volunteered here and stood by him can now see some light at the end of a very large unjust tunnel. We are proud to expand our horizons here at GS666. After all, it is a fight for truth and freedom.

This email came to me from SEIU - Service Employees International Union - a union, who for the most part, supports "the people". I say, "for the most part" because there are times when I do disagree with them but as far as unions go, this is one of the better ones.

It includes a link to a web site that allows you to easily modify a letter to your bank and allows you to email it with a simple click of a button.

It has a very comprehensive list of banks and a link to go to if your bank is not included. In addition, it provides a toll free number for each bank.

There are two problems I find with this web site - www.wheresthenote.com. The letter is addressed to "the bank" not the servicing company that actually is managing your account. However, in many cases, your servicing company is owned by the bank addressed to. You need to refer to your payment stubs or your payment book of coupons to see who you actually make your check payable to or if already in foreclsoure, who the named Plaintiff is.

The second problem I see here is in the body of the letter that you can and should modify.
The last paragraph of the letter reads:

To protect myself and my family, I need to know who owns my mortgage. Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage. Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan. If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments, I will be forced to consider all options available to me to ensure that my family and my home are protected.

The last, highlighted bold sentence is the one I don't agree with. This is why and I will bold my comment.

You are asking "the bank" - not necessarily your servicing company - to give you the name and address of the "true" owner of your note. If your "bank" is not the "true" owner then it will not have, should not have and cannot produce the original note. Second, if you are writing to your servicing company (that often have the name of the bank as part of their name) they never own your note and therefore should not have the original note in their possession.

Having possession of the note DOES NOT, I repeat, DOES NOT give them the right to collect your payments nor take any foreclosure action against you. You will have little defense if you stop making your payments to them or take any legal action against them for not providing a copy of the original.

If you want to insure that whoever you are writing to has the right to collect your payments you should ask them for a copy of their servicing agreement with the "true" owner of your note or at the very least that "portion" of the agreement that indicates their servicing rights. They will not disclosue to you their entire agreement which would include their fees, etc

Here now the email I received:

Larry,

The big banks' BS is starting to catch up to them.

Last week, JPMorgan Chase announced they were halting foreclosures in 23 states. Turns out, the bankers in charge of approving the foreclosure paperwork weren't even reading what they were signing. Now, one by one, foreclosures at America's biggest banks are grinding to a halt. It's gotten so bad, several states are taking the banks to court - calling for an immediate freeze on all foreclosures.

Wall Street has bought and sold our mortgages so many times, they've lost track of who owns what. And now they're getting caught red handed. In one state, two banks tried to foreclose on the same home. In another state, BofA tried to take a house away from a man who'd never even had a mortgage. The more we learn, the worse it gets.

Banks are calling these "technical glitches." These are more than technical glitches. These are monumental screw-ups that are forcing families out of their homes. The banks raise our rates and change our terms - and if we make one mistake, we pay with our homes.

PS - Don't have a mortgage? Pass this on to someone who does. Every single homeowner needs to know if their bank still holds their mortgage note.

SERVICE EMPLOYEES INTERNATIONAL UNION

Here now is my recommended version of this letter. Pass this on to anyone and everyone you know. The more email letters all the banks receive, the more they will begin to get the idea that we "do not trust" them and we will no longer allow them to operate with special exceptions to the law. As I always have said and maintain, "THE LAW IS THE LAW FOR EVERYONE".

To whom it may concern:

I own the property at the address listed above, and your bank services my mortgage.

Over the last several weeks there have been many stories documenting the problem that banks are foreclosing on homes without proof that they own the loan. I have learned that in many cases, banks like yours do not even know who owns the loans you service. Employees at several leading banks have admitted to rubber stamping tens of thousands of foreclosures every month, without even checking to make sure that the bank had a legal right to proceed with foreclosure. In some cases, banks allegedly falsified mortgage documents to cover up their mistakes. There have been reports of two banks trying to foreclose on the same home, banks foreclosing on homeowners who were current on their payments, and even of a bank foreclosing on a home where the homeowner had never taken out a mortgage to begin with. This is not merely a "technical problem"--it is the difference between having a warm bed at night and being out on the street.

As a homeowner and a customer of your bank, I am horrified. I had always believed that it I played by the rules, I would be protected, but now I know that banks like yours think the rules don't apply to them.

To protect myself and my family, I need to know who owns my mortgage. Within thirty days, I would like to know the name, address, and phone number of the bank or investor that owns my mortgage. Furthermore, in light of the recent allegations of foreclosure fraud, I demand to see the original mortgage note proving ownership over my home loan. I would like to see copies of all endorsements and assignments of my mortgage note and where and when the assingment(s) _if any - were recorded. I also ask that you provide me with evidence of your firm being contractually retained to service my loan. (italics indicate added by LR)

If you fail to produce a mortgage note proving that you have a right to collect my mortgage payments,provide the information I am legally entitled to, I will be forced to consider all options available to me to ensure that my family and my home are protected. (italics indicate added by LR)

I ask that I receive my response in writing.

Thank you for your attention to this matter.

Posted by
Larry Rubinoff

147
COMMENTS:

JR
said...

Larry, you have provided a much needed service for people who wish to challenge their house foreclosure. Most admirable!

Someone posted this on ZH...and maybe all of these criminals getting off is just part of 1 big pre approved scam that none of us really understand in the name of national security?

What else could explain the complete lack of enforcement of the law?

Intelligence Czar Can Waive SEC RulesNow, the White House's top spymaster can cite national security toexempt businesses from reporting requirements

President George W. Bush has bestowed on his intelligence czar, JohnNegroponte, broad authority, in the name of national security, toexcuse publicly traded companies from their usual accounting andsecurities-disclosure obligations. Notice of the development came in abrief entry in the Federal Register, dated May 5, 2006, that wasopaque to the untrained eye.

Looks to me like this guy is trying to get something for nothing--just like some slob running up a credit card bill, then filing bankruptcy. If you took out a mortgage, you know you owe the money--and I don't think you have any real doubts on who to pay. Stop trying to cheat the system and pay your bills.

"At the Root of the Crisis We Find the Largest Financial Swindle in World History", Where "Counterfeit" Mortgages Were "Laundered" by the Banks

Indeed, Galbraith just gave a must-watch half hour speech where he points out:

* "At the root of the crisis we find the largest financial swindle in world history." * The fraud originated in the mortgage market of the United States. * The houses were over-appraised, and the banks only hired appraisers who were willing to do that. Galbraith rhetorically asks: "For what conceivable reason would a lender accept an inflated appraisal for a house against which it was going to make a loan?" * The language used in the mortgage industry is very telling: "liar's loans", "ninja loans" (where the borrowers had no assets and no income), "neutron loans" (where it would destroy the people but leave the buildings), and "toxic waste" * The mortgages in the millions were counterfeits, not mortgages. They were "laundered" ... the dirty paper was converted into clean paper. Securitization was used to convert the worthless paper from triple D minus junk to triple A. The commercial banks were the "fences", they took the laundered paper and sold it on to the legitimate market. The "marks" were the pension funds, or any investing entity which trusted triple A rating or investment banks. * The police left the beat. * If the counterfeit is big enough, the whole system collapses, because you can't tell what's real from what's counterfeit and so confidence collapses. * The failure to face the problem of fraud constitutes a huge barrier in the path of economic recovery. The banking system can't be restored until it is taken apart, cleaned up and rebuilt in a transparent and honest manner. * We should make the Department of Justice uncomfortable to ignore these frauds. Because if we don't have fair and honest and functioning financial system, we won't get out of this crisis.

The announcement by Jamie Dimon that JPMorgan Chase will no longer use the MERS (Mortgage Electronic Registration Systems, Inc.) System to track its loans is a clear signal the house of cards that the Banksters built when they created MERS back in the 1990s is being deconstructed by the Banksters themselves in an attempt to soften the blow when the whole system comes crashing down around its own greed.

The report notes actual or potential financial conflicts of interest of Fannie Mae and Freddie Mac with their duties owed to Treasury under HAMP. The Panel’s prior report noted that the dual role – as “doers” of mortgage mortgage modifications for loans they own or guarantee and “overseers” of Treasury’s mortgage modification program – “may present competing interests or diminish the overall effectiveness of Fannie Mae’s and Freddie Mac’s ability to modify mortgages, engage in HAMP administration or oversight, or both.”

The report discusses the argument that this structural conflict is an “immitigable conflict because the interests are not aligned.” [page 85].

The chain of criminality — and don’t let people tell you otherwise, this legal malfeasance demands prosecution — runs the full gamut of players:

“The financial incentives show that the problems plaguing the foreclosure process extend well beyond a few, low-ranking document processors who forged documents or failed to review foreclosure files even as they signed off on them. In fact, virtually everyone involved – loan servicers, law firms, document processing companies and others – made more money as they evicted more borrowers from their homes, creating a system that was vulnerable to error and difficult for homeowners to challenge.”

no, i mean cheat--like try to get something for nothing. I have every sympathy for someone who is losing their house because they lost their job, but nobody gets a free house.

I think people have to be responsible for their choices--you buy a house, you knew the price, you knew the payments. If we start giving out free houses or big legal settlements then the costs for everyone who DOES pay their bills goes up.

You sound like you just want something for nothing--looking to cheat. And saying other people had "conflicts of interests" doesn't change what you're doing. That's like claiming it's ok to steal, or ok to cheat on your taxes, because you say someone else steals or cheats.

Stop trying to cheat. Man up, drop your b.s. claims, pay your bills. And if you can't pay, declare bankruptcy and start over--I know plenty of people who've lost jobs or gotten sick and had to do so. But don't cheat.

@no, i mean cheat---what do you think everybody is naive?The whole god damn banking sector has foot to neck on everyone...and because the cost of their lawbreaking might break them as the cost of their CHEAT...YOU WANT TO TURN THE BLAME AROUND? Why is it that a primary mortgage can't go through ch 13 for modification but 2, 3rd house can?

People are trying to modify their mortgages but the servicers are leading them on til their liquid assets are used up....and then they bust them out...you know like an organized crime tactic....you farce....now some savvy lawyers have found an Achilles heal in the bankers scheme and they cry foulNo...your a banker...you broke the law..pay the penalty for your cheat!

I have to agree with the above comment. People are unemployed by the millions not due to their faults but due to the crimes committed by the banks. They set everyone up for a fall.

People would like to make their mortgage payments if they could. Most people out of work - some from some very high paying jobs - would all love to get back to work and pay.

Most have or are trying to work things out with the banks. The banks REFUSE to do so because they make more money by foreclosing then they do by working out payments even though working out a payment arrangement is better for the holders of the securitized bond the mortgage is "supposedly" in. The MBS investors are also being screwed and defrauded.

The banks are double dipping, even triple dipping on the same mortgages.

If the people had access to the true owners of their mortgage I am sure that the true owners would make some arrangements. Is it not better to get less interest but get your principal back? Is it not better to even possibly reduce the mortgage balance and get something rather then nothing?

The banks caused this whole mess and they continue to rob the people and don't want to do what is right for all.

nobody robbed you. You negotiated a price and bought something--the bank just loaned money to you. Nobody made you buy the house, nobody made you borrow the money.

Back when housing prices were going up and people were cashing in on reselling their homes, I bet you weren't whining about the banks "robbing" the people. Or saying that you "robbed" the prior owner who didn't get the higher resale.

Like I said, man up, take responsibility. You borrowed the money--deal with it.

But how are we to know that the borrowers knew the loans applications were false and that they could not afford to buy the home? We can infer a lender's fraudulent intent because it is financially sophisticated and has expertise in lending. An honest mortgage lender would not make liar's loans because not underwriting loans inherently produces intense “adverse selection” and means that the loans have a “negative expected value.” In plain English, that means that mortgage lenders that make liar's loans will go broke. (As the recent settlement with Mozilo and other senior officers at Countrywide proved; elite bankers can be made wealthy by making fraudulent nonprime loans because doing so optimizes (fictional) reported income and the value of the senior officers' compensation. This is what George Akerlof and Paul Romer warned about in the title of their famous 1993 article – Looting: the Economics Underworld of Bankruptcy for Profit. The lender fails, the senior officers can get rich.)

"Americans took their title-recording system for granted, abused it during the housing boom, and let it deteriorate????" Which "Americans" would that be? Certainly not the buyers, I'm thinking. No. This is the part beyond belief: financiers, capitalists, abused the core of our property rights system, the laws that define it, during the housing boom, let it deteriorate, and now may attempt to dismantle it (except, of course, when it works in their favor). (Update: according to the BBC, BofA will be resuming foreclosures on 102,000 homes in 23 states.)

nope, not a banker. Just a guy paying his bills, paying his taxes, who really, really doesn't like it when other people don't pay....because then it raises all the costs for people who do pay. I have my own bills, I don't need to pay yours too.

Stop blaming the banks. Yeah, they did some stupid stuff, but the people took out the loans. Some were looking to make a quick buck (flipping homes...you don't see those commercials as much anymore, now do you?), some bought more home than they could ever afford. You bought the house, now deal with it. Or did your little house-flipping scheme go bad, and now you've decided to try lawsuits to make a quick buck?

I think the banks were bailed out, I think mark to make believe is a crime especially when calculating capital ratios and bonuses that are paid out on fictitious values, I think we all pay for the fraud called the FIRE economy....never flipped a house in my life...but I still think you are a banker...so read this!

The Rot Within: Our Culture of Financial Fraud and the Anger of theHonest (October 15, 2010)

With accountability effectively lost, cheating, lying,misrepresention, embezzlement and fraud, both petty and monumental,have all been incentivized. Thus the "little people" game thewelfare/entitlement system and the Financial Elites game the mortgagemarket, and everyone gamed whatever piece of the housing bubble theycould grab.

Where does that leave the honest citizenry? At an extremedisadvantage. Lying, sins of omission, misrepresentation and doing thebidding of evil organizations gets you bonuses and career advancement,while refusing to game the system as instructed gets your fired.

5. This financialization effected a net transfer of public and privateincome streams and wealth from the citizenry and State to the coffersof the financial Elites. As actual productivity and wealth-creationdeclined, so did wages and incomes when priced in purchasing power.

To offset that decline, people, companies and governments replacedincome with debt: they borrowed to fill the gap between theirdesires/commitments/spending and their net income.

The financial Elites were happy to supply the debt and capture theincome streams of servicing that debt. By securitizing those debts andwriting derivatives against them, the Elites created a stupendouslyprofitable windfall to exploit. The Central State and its central bankwere happy to comply, as they are in partnership with the Elites whichenrich and empower them.

Some analysts are not sure that banks can proceed so freely. Katherine M. Porter, a visiting law professor at Harvard University and an expert on consumer credit law, said that lenders were wrong to minimize problems with the legal documentation.

He also said that lenders “seem to adopt the attitude that since they have been doing this for so long, unchallenged, this practice equates with legal compliance.” Now that their practices were “put to the test, their weak legal arguments compel the court to stop them at the gate,” the judge ruled.

People who have worked at loan servicers for many years, who requested anonymity to protect their jobs, said robo-signing and other questionable foreclosure practices emanated from one goal: to increase efficiency and therefore profits. That rush, they say, allowed for the shoddy documentation that is expected to become evidence for homeowners in the coming court battles.

Problems are also likely to arise in court involving whether those who signed documents required in foreclosures actually had the authority to do so — or if the documents themselves are even authentic.

For example, Frederick B. Tygart, a circuit court judge overseeing a foreclosure case in Duval County, Fla., recently ruled that agents representing Deutsche Bank relied on documents that “must have been counterfeited.” He stopped the foreclosure. Deutsche Bank had no comment on Wednesday.

You still haven't admitted that: 1) you chose to buy a house; 2) you chose to take out a mortgage to do it (rather than trying to save most of your life to get one, which is what i'd have to do without a loan); 3) you knew the interest rate; 4) you knew prices go up...and sometimes down.

Really, you think you "deserve" a free house? You think that's being a good American? Personal responsibility goes hand in hand with life, liberty and pursuit of happiness. Or, in other words, man up and pay your bills.

No one wants a free house...no one wants to walk away...if I recall Hank Paulson called it a crisis in a weekend door shut meeting...where unimaginable bad things were to occur if emergency funds were not made available to him and his merry comrades...well that worked out just great....for THEM!

Now back to the story...

“There are a lot of investors out there who don’t know what they own… they may own unsecured loans….. trustees that were supposed to do things under state law (and didn’t)… even Fannie and Freddie have issues with this.”

“This is not the lotto… this isn’t something where we’re rolling the dice and saying, possibly this has been done legally. Maybe it hasn’t but in the meantime, you and your children go find someplace else to live, plenty of homeless shelters out there. We can’t do that.”

Hey cheater--pay your bills! Because the guys who build houses like to get paid. And the guys who make the cement. And, come to think of it, pretty much everybody else. You freeload, the rest of us have to pay for it.

An East Bay law firm says it mistakenly sent out thousands of letters to San Francisco homeowners earlier this month warning them that their houses were in default — even though the loans weren’t delinquent. The letters were sent out by Provident & Associates, a Pleasanton-based law firm that is attempting to help people with loan modifications. Provident sent out what it estimated to be 2,000 letters to people telling them that they faced foreclosure on their mortgage. The letters went primarily to homeowners in San Francisco.

Mutter doesn't buy the suggestion that Provident blundered in good faith.

"This is not a mistake," Mutter said. "This is a scam. They are just trying to terrify people."

Because of how the MBS’s were structured, there was an inherent ambiguity as to who actually held the mortgage notes. This is crucial, because only the note-holder has standing in court to foreclose and evict a delinquent homeowner. No tickee, no laundry applies doubly to mortgage loans: No notee, no standing. Anyway, it’s an open secret that the politicians on the Right are all in the banksters’ collective back-pocket. Who do you think tried to make law the Interstate Recognition of Notarizations Act, which would essentially have made it legal for banks to commit perjury in order to foreclosure on a homeowner?

Talk about violating the Rule of Law! By passing that act (via a cowardly voice vote, so as to collectively hide their hand), the Republican senators and congressmen didn’t just try to violate the Rule of Law—they tried to gang-bang it, murder it, and leave it in a heap by the side of the road!

The American political Right is corrupt—beholden to the banksters and the money men. There’s really no other way to look at it.

So although a lot of people are predicting that the Fed will start buying Treasuries when QE2 is announced, I beg to differ: I think they’re going to load up on even more Mortgage Backed Securities. In fact, I think a big piece of QE2—maybe a trillion dollars’ worth—will be directed at Mortgage Backed Securities. And I think the Fed is going to pay top dollar for that garbage.

I think the way the Fed is going to do it is, they’ll go for another round of Stealth Monetization: Buying MBS and other toxic assets off the banks for newly conjured cash, the banks then taking that cash and parking it in Treasuries, thereby funding the Federal government’s deficit.

More bad news for the deeply troubled homeowners grasping for a way to save their homes: Even South Floridians who are able to negotiate a loan modification can have their homes sold out from under them.

The reason: The foreclosure cases against them never stopped.

In the chaos surrounding hundreds of thousands of Florida mortgages that are delinquent or in foreclosure, legal experts say a growing number of mix-ups are being reported -- in which a foreclosure is not called off, even though the homeowner and the lender have agreed to a modification.

Ihave a mortgage that is 9.8% and payments of729$, on a balance of 81,829. I make my payments on time allyou folks that are trying to get out of your forclotures. Should have put paying your mortgage as a top priority

SIGTARP set up a Hotline to take borrower complaints about HAMP, and many reported violations of HAMP rules and guidelines. For instance (from p. 172):

“I entered into an agreement with [my servicer] through the Making Home Affordable program in April 2009. I have made every payment on time; that, they said, would result in the modification becoming permanent after six months. They have had us…submit the same paperwork seven times in the last two year. Now they have, in their words, ‘decided not to go forward’ and put a notice on the house of a sheriff’s sale….a negotiator (who has never contacted me) made the decision to stop the modification with no reason as to why. I have not been late or missed a payment in 13 months.”

From page 174:

“I called to try to get an update and to try to get a payment processed by phone. I gave [the servicer employee] my bank information for payment and then asked if there was any update she could give me. She responded by telling me that [the servicer] had sent me to the attorney for foreclosure! How do you tell me not to pay, tell me for months I am not allowed to send in payments, tell me to pay down other bills with the money, and then two weeks later try and foreclose on my home Your moratorium is why I stopped sending in the money.”

So if you assume that every person facing foreclosure is a deadbeat, you need to think twice. Many people who fight foreclosures think they are victims of servicing errors and abuses. And the evidence on the ground suggests that some, perhaps most, are correct in their beliefs.

I used to be like you, until my husband our family's sole bread winner had an accident and had to go on disability for a while. I, wife, got a job (having to put my kids in day care), but it wasn't enough. We called the bank right away. They wouldn't even talk to us about anything until we were 3 months behind! Go figure. We paid what we could every month. When the deficiency added up to 3 months we called again. Still nothing. 5 months still nothing. At 6 months we were approved for a forbearance that was more than the original that we couldn't pay. Voila! Foreclosure!

I agree that life happens and we have to be prepared to suffer the consequences, but at this point in life I feel screwed. So yeah if I can cause the "screwers" as much grief as possible I will. It's Karma baby! We are not all free loaders.

We, like all of you, have been trying to bring attention to the chicanery that's been going down on Wall Street for years. Especially when it comes to banks using peoples' homes as chips in risky and possibly fraudulent bets. When the media started to catch wind about the robosigner nonsense, we scrambled to put the finishing touches on the site and go live. The result was about 100,000 visits to the site in the first three days. The very first responses from the banks were sort of haphazard and breathless - ie, they told the truth ("we have no idea where your note is"). But, they quickly circled the wagons and started replying with very standardized responses. Bank of America's response (and they're not the only ones) was the most shocking to us: "you have no legal right to see your note."

But, in all the responses, the vast majority of homeowners did not get their signed mortgage note sent to them as required under RESPA.

So far nothing here that loyal zero hedge readers wouldn't have guessed would happen. But, where do we go from here? It seems to me that the challenge before us is not trying to find potential fraud in the mortgage market. It will be picking which of the many, many blatant examples of potential fraud we want to pursue and drilling down on them. We decided, though, that no matter which avenue we take, the first thing to do out of the gate is to get these cases logged with state attorneys general. We have seen through media reports that banks are trying to use spin to put finite caps on the scope of the problems they've created in the mortgage market. Only 23 states. Just a few thousand homes. Mere procedural issues. Isolated incidents.

ray’s experience, in which homeowners get evicted while participating in programs designed to avert foreclosures, is being repeated thousands of times at the biggest mortgage firms, according to groups that aid borrowers. The government’s Home Affordable Modification Program came under fire at hearings last week for “trial” arrangements that allow late fees and debts to stack up and documents to disappear, triggering seizures.

“Many homeowners end up facing foreclosure solely on the basis of the arrears accumulated during a trial modification,” said Julia Gordon, senior policy counsel at the Center for Responsible Lending, in Oct. 27 Congressional testimony. “One incomplete payment or one accounting mistake can land you on an apparently unstoppable conveyor belt to eviction.”

(((Ms. Risotto is full of it..there is no recourse..there is no follow through...been with Aurora..made all payments..transferred to IBM LBPS..now no record of paperwork)))SCAM

Treasury officials don't keep track of how many of the disputed loans are subsequently averted from foreclosure. Ms. Risotto says borrowers can call a counseling hotline if they believe they were wrongly denied.

((Mr. Barofsky hits nail on head)) Please look into Aurora Loan Services...scam city)Mr. Barofsky says the oversight is toothless, noting that no servicers have been fined for bungled paperwork or improper foreclosures. At the request of nine U.S. senators, Mr. Barofsky is auditing whether servicers in HAMP are correctly following Treasury's guidelines when deciding whether borrowers should get a loan modification. The inspector general also is scrutinizing how borrowers are notified that they failed to qualify.

Not calling everyone a cheater--bad things do happen to people. Good people do go on disability, try to keep making payments and just can't.

But...that's the risk in taking out a big loan without paying for AFLAC or something like that. I sympathize, and it totally sucks--but nobody screwed you. You take out a loan, there was a possibility bad things would happen (death, disability, loss of job). I know I thought about those things, especially the loss of a job, when I bought my place. I don't think most people are careful enough when they borrow; they know those things happen, but they think they happen to other people.

JUDGE CURLEY THE HEAD BK JUDGE IN AZ JUST RULED MINUTES AGO THAT THE BANK OF NEW YORK MELLON MUST PRODUCE THE CUSTODIAL RECORDS IN THEIR VAULT IN A CASE AGAINST AN AZ HOMEOWNER, THEREBY PRODUCING THE NOTE AND ALL OTHER DOCS. THIS IS A TRANSFORMATIONAL DECISION.

This disaster is the direct responsibility of Obama, and of Obama personally. He is clearly the most politically incompetent and bumbling president since Jimmy Carter. He blames the malaise or fear of the public for his own failures. Even in the final phase of the election, with defeat staring him squarely in the face, Obama proved unable to embrace a golden opportunity offered by the fraudclosure crisis. With rapacious zombie bankers using clearly illegal means to steal the homes of Americans, Obama’s thoughts were always with his masters in Wall Street. Other Democrats were not as incorrigibly stupid as Obama: Harry Reid, Nancy Pelosi, Debbie Wasserman-Schultz, Chris Van Hollen, Alan Grayson, Governor Martin O’Malley of Maryland, plus virtually the entire Black Caucus were calling for a freeze on foreclosures. Obama could have made a dramatic Oval Office speech demanding an open-ended halt to these illegal seizures, and he could have tasked Elizabeth Warren with finding some technicality in the new Fin Reg law to make this possible. Failing that, he could have used the Trading with the Enemy Act or the Defense Production Act. Instead, the feckless Obama sent out the sleazy and slimy David Axelrod to signal that this was an administration committed to the needs of predatory lenders and zombie bankers, not the American people. Small wonder that many defeated Democrats feel that Obama betrayed them by denying them the political cover which initiatives like this could easily have brought.

A vignette from the foreclosure crisis illustrates the underlying dynamics of this election. On one Sunday in October, Congresswoman Wasserman Schultz was a guest on the same Sunday interview program with Republican minority whip Eric Cantor. Wasserman Shultz voiced support for a freeze on foreclosures. Cantor immediately opposed this, saying that any freeze would remove protections that lenders – again, read zombie bankers – needed, and that America needed to go back to an ethic of individual responsibility.

This exchange was most instructive. It reminds us that whenever Democrats pull themselves together and mount any kind of attack on Wall Street, however weak, the Republicans are obliged to drop all camouflage of Tea Party populism in a microsecond, and rush to line up in defense of their true masters, the Wall Street financial elite. With one month of sustained attacks on Wall Street, the Democrats could easily have stripped away the entire veneer of Tea Party camouflage which the Republicans had laboriously created looking forward to these elections.

If, on the other hand, Democrats assume the role of running dogs for Wall Street, as they have under Obama, the Republicans are free to retire to the sidelines and snipe away, labeling the resulting crimes as socialism and communism. The lesson is that the entire US political system can only work if Democrats assume the role of firm opposition to Wall Street. Otherwise, if there is no visible third party, the doom of this country is sealed, and it will be up to future Chinese anthropologists and historians to write the story of US demise.

Given the size and the ambitions of HAMP, all of these problems loom large. As of October, the program had generated about 520,000 active permanent loan modifications.

The report also said a lack of concern at the Treasury over paperwork flaws might lead borrowers to conclude that HAMP traffics in double standards. After all, borrowers have to provide reams of documents before receiving a modification — even though servicers don’t have to prove ownership of the note underlying a property, the report said.

But the meat of the report comes in its analysis of the threats that false loan documentation may pose to banks’ balance sheets and to financial stability in the broader economy. These perils are related to the possibility that banks will have to buy back loans from investors if they were based on false documentation, or if the proper records required when setting up mortgage securities trusts were not kept, the report said.

Those banks have already reserved almost $10 billion for expenses related to buybacks, in addition to $11.4 billion in costs they have already incurred, the report said. “It is not inconceivable that the major banks could recognize future losses over a 2-3 year period,” it said.

ONLY time will tell if the panel’s estimates are low, high or right on the money. The report is painstakingly temperate.

But financial burdens for big banks are not all that’s at stake here. Perhaps even more significant are the social costs associated with mortgage paperwork improprieties and any attempt to brush them under the rug.

“If the public gains the impression that the government is providing concessions to large banks in order to ensure the smooth processing of foreclosures,” the report contends, “the people’s fundamental faith in due process could suffer.”

It's just an academic exercise--and a delay tactic. If you owe, you owe--the fact that someone may have transferred the loan later without the right paperwork doesn't matter. Just means that the first guy may still technically own the loan.

It's like selling a car--once you've sold it, doesn't matter whether the guy you sold it to resells it or keeps it. You still sold it. It's not your car.

Big fight is between those subsequent buyers and sellers--does big pension fund x own the loan, or big bank y, and can x force y to "buy back" the loan. As to the guy who took out the loan, doesn't matter--you owe somebody. Unless you're getting double-billed by two people claiming to be the lender, there's no issue. Everything else is just a delay tactic/attempt by someone to collect legal fees.

"The judges will accept, as they do in every case, pleadings that are represented by counsel as legitimate," said Haworth. "It's the defendant's case. ... If they don't want to hire an attorney, that's their business."

“If the notes weren’t properly transferred to the trusts, then investors have the mother of all put-back claims,” Adam J. Levitin, an associate professor at Georgetown University Law Center in Washington, wrote on a blog four days after citing the Wizmur ruling during a hearing by a House Financial Services subcommittee.

Servicer-Driven Foreclosures: The Perfect Crime?As much as I’ve seen a lot of financial services industry misconduct at close range, sometimes even a cynic like me is not prepared for how bad things can be. And mortgage abuse is turning out to be one of those areas.

I’ve been in contact for over the last six months with attorneys involved in foreclosure defense. Unlike the foreclosure mills, which seem to coin money, the attorneys on this front are either laboring pro bono or making considerably less than they could in other lines of work. They also can back up their views with depositions and trial transcripts.

One thing they stress is that a significant number of their clients facing foreclosure has made every single mortgage payment. . Read that again.

This is in keeping with the judge’s recap, and also underscores the notion that it was Countrywide’s practice to not convey the notes. We have been told separately that a senior industry executive also said that no one in the industry transferred the notes. If true, this has very serious implications. As we’ve indicated, it means that residential mortgage backed securties are not secured by real estate, or as Adam Levitin put it, they are “non mortgage backed decurities. Bloomberg provides further comments along those lines:

“It may mean investors who think they bought mortgage- backed securities bought securities that aren’t backed by anything,” said Kurt Eggert, a professor at Chapman University School of Law in Orange, California.

With the ramifications so serious, expect industry denials to continue apace until the evidence becomes overwhelming. http://www.nakedcapitalism.com/2010/11/more-on-bofa-employee-damaging-admissions-re-failure-to-convey-mortgage-notes.html

Tarullo argued that national standards should be set up for servicers.

“We need national servicer standards which will apply to servicers whether they are affiliated with an insured institution or completely independent. The system as it is now was not developed with the prospect of a large number of foreclosures in mind. You need an across-the-board approach,” Tarullo said.

Tarullo added that he didn’t believe the problem is close to being solved. He said he suspects that regulators will find some problems in all servicers, large, medium and small. He added that at some institutions there are “substantial” managerial problems.

FED HAS NO PROBLEM BAILING OUT FOREIGN BANKS BUT AMERICANS TRYING TO MODIFY A MORTGAGE CAN GO SCRATCH....

“We’re talking about huge sums of money going to bail out large foreign banks,” said Senator Bernard Sanders, the Vermont independent who wrote the provision in the Dodd-Frank Act that required the Fed disclosures. “Has the Federal Reserve become the central bank of the world? I think that is a question that needs to be examined.”

http://tinyurl.com/3xfbnn8

Smoking gun: the hearing when Bernanke told Ron Paul that he wouldn’t be bailing out any foreign banks

Barack Obama; who would rather help the big banks and "balance" the budget than offer a helping hand for struggling homeowners. (Image)

The president demonstrated new heights of indifference toward the people in his handling of the mortgage relief program made a part of the Trouble Asset Relief Program (TARP). Citizens paid the full share for TARP and were to get a modest proportion. That's not the case. The November 2010 Congressional Budget Office Report on TARP was just issued. It showed that the funds for home mortgage assistance programs would be reduced from $50 billion to $12 billion, as reported in the Huffington Post.

Reading the details of the report, we find that the take back from homeowner relief through TARP funds is even more outrageous. The actual funds spent so far for homeowner relief is only $710 million.

(Reuters) - The incoming head of a House of Representatives panel overseeing the Obama White House on Thursday called for pulling the plug on a widely criticized program to help struggling borrowers stay in their homes.

"This program seems to have outlived its usefulness," Representative Darrell Issa, the top Republican on the House Oversight and Government Reform Committee said, referring to the administration's Home Affordable Modification Program,

Yes, there are people who took out mortgages knowing they could never pay the money back. Ms. Roberts is not one of them. Rather, she is one of the many Americans, mostly poor and lower-middle class, who have been devastated by a system that is as rapacious, uncaring — and sloppy — in tossing people out of their homes as it once was in foisting predatory mortgages on them.

Two days after I spoke with Ms. Roberts, Bank of America and Fannie Mae acknowledged that foreclosing on her home had been a mistake, and they vowed to give her back the house. “We are going to work with her on a loan modification,” a Bank of America spokesman promised.

What happened over the course of the next few years can only be described as Kafka-esque. Wilshire Credit asked her for a hardship letter; she sent one. Nothing happened. Three separate times, Wilshire set up short-term payment agreements — two of which included $7,000 upfront payments — claiming that it would make a decision on a long-term modification once the agreement expired. She paid every penny — to no avail.

In March 2010, Bank of America, which got Wilshire when it bought Merrill Lynch in 2008, sold the servicing company to I.B.M. As part of the deal, though, it kept Wilshire’s servicing clients.

But as I discovered when I began asking around, the story is even worse than that. Why did Fannie Mae begin eviction proceedings? Because Bank of America claimed, wrongly, that Ms. Roberts was a deadbeat who hadn’t made a mortgage payment since March 2008. When Fannie Mae asked the bank to double-check, Bank of America simply repeated this false information. In other words, Ms. Roberts was being thrown out of her house because of Bank of America’s carelessness. “It’s offensive that BofA thinks a foreclosure action, an eviction notice of an elderly woman sitting in her house fearing that she will spend the remainder of her days in a shelter, is some sort of party invitation that can be ‘rescinded,’ ” she wrote in an e-mail. “Their disrespect for the law is appalling. But it is a pattern of behavior that led to this crisis and that is continuing to keep this country in this crisis.” http://www.nytimes.com/2010/12/04/business/04nocera.html

I suppose the latest efforts taken by the members of the foreclosure industry to silence and neuter critics represent a perverse form of progress. If you go by the Ghandi timeline, “First they ignore you, then they ridicule you, then they fight you, then you win,” opponents of bad foreclosure practices seem to have done enough damage as to now be worth fighting.

But what is telling are the desperate-looking but nevertheless potentially effective measures being deployed to hamstring the opposition. The vanguard of this effort are foreclosure defense attorneys, many of whom are solo or small firm operators, with not hugely lucrative practices or doing pro bono work (you don’t make a lot of money defending people who have no money).

Suing someone like that, even with a suit that seems spurious, throws a wrench in their operation. It takes time to deal with litigation, and often money, plus the stress is also a considerable distraction. And of course, the hope is no doubt that this sort of risk will also deter other lawyers and critics.

WASHINGTON -- Treasury Secretary Timothy Geithner has authorized big payouts to banks in an effort to encourage mortgage modifications, but is preventing borrowers in danger of losing their homes from accessing legal assistance under the Obama administration's foreclosure relief plan -- even when banks are wrongfully or fraudulently attempting evictions.

I’m not exactly surprised at the bait and switch by Iowa’s Attorney General Tom Miller, who is leading the 50 state investigation by state attorney generals into mortgage abuses. Less than a month ago promised that he would “put people in jail” Now he’s apparently decided to adopt a “move along, nothing to see here” posture. Per Bloomberg (hat tip reader Duncan B, who also sent a copy of a stinging e-mail to his state AG):So the same pattern continues: we’ll trash the rule of law and throw homeowners under the bus to save bank balance sheets. As reader Duncan put it:

So TBTF banks win yet again and the powerless taxpayers (what’s left of us) get stuck with he bill and screwed yet again. And the AG’s office is considered “law enforcement”, a sad joke on Americans.

One company embroiled in the nation's property foreclosure crisis is not unprepared for a fight.

In Washington, D.C., Merscorp Inc. has retained several well-heeled lobbyists and invested hundreds of thousands of dollars in lobbying efforts since the start of the mortgage crisis and economic meltdown.

Under the state’s quiet title laws, Keane said he did not have to name MERS or serve it legal papers in the lawsuit because it was not the legal owner of title to the property. Those were title companies. In addition, attorneys contend, MERS cannot be the “beneficiary” or holder of the promissory note because it readily has admitted it has no financial interest in any notes or mortgages.

That ought to put an immediate and complete stop to the crap that banks continually run about having "substitute" documents or having an assignment when they really don't. Note that this bill (which apparently was just voted out of committee 4-0 in the Senate, and which has a companion in The House) will put an absolute stop to any foreclosure where the originator of the note did not transfer it properly (that would be, I'd argue, most of them) and it will render void upon suit by any person who is foreclosed upon and discovers that the note was never properly conveyed.

Ex-post-facto "cleanup" BS games will be rendered impossible by this bill.

The bottom line is this: Either the original issue of that mortgage and its subsequent securitization went through all previously-required assignments and you can prove it or your ability to convey a title via Trustee Sale is gone.

And here is a reminder why with the extinction of MERS, virtually all US mortgages will be null and void.One Step Closer To The End: MERS Corporate Secretary Demoted Merscorp’s Mortgage Electronic Registration Systems Inc. contains more than half of all U.S. home mortgages. Members, which include the nation’s largest banks, log changes on the private database rather than filing mortgage assignments with county records offices each time loans change hands.

But don't tell the ponzi market. After all just like everyone now claims they had no idea that Madoff was a ponz, so in a year or so, everyone will be stunned, stunned, that everything we see on CNBC each and every day was a pyramid scheme.

The multi-agency mortgage servicing settlement draft, or term sheet, was leaked to the press this week. There was a lot of commotion overit — mostly that the banks are getting only a slap on the hand again – including the missing monetary penalties.

The monetary piece of the settlement has been rumored to be between $20 and $25 billion. Its primary use has been stated as being forcounseling, legal-aid, hotlines, web portals, education, outreach, post-Foreclosure relo assistance etc. However, it is also stated that‘a substantial amount’ of the monetary settlement was to be used to ‘support an enhanced program’ for loan modification including principal reductions.http://mhanson.com/archives/321

The charge is basically that Bank of America's wholly-owned subsidiary Balboa Insurance with the cooperation of servicers abused "force-placed" insurance provisions to effectively "cram" customer accounts. Note that Balboa is apparently subject to a sale agreement (it is being spun off) but there is no information available as to whether that sale has closed.

The bottom line of the charge leveled here is an attempt to pad (radically) servicer income at the expense of the homeowners. This could have easily caused some foreclosures. If it did, then the investors got screwed out of the money, as the servicer is paid first on a foreclosure from the proceeds.

“ONE too many times, this court has been witness to the shoddy practices and sloppy accountings of the mortgage service industry. With each revelation, one hopes that the bottom of the barrel has been reached and that the industry will self correct. Sadly, this does not appear to be reality.”

Good lord. Figure it out--pay your bills. Or don't, and lose your house.

Don't blame other people--they didn't make you sign a loan/buy a house.

Don't run around going "blame the banks". They gave you a loan.

The people with a legitimate gripe against the banks/credit agencies are the huge investors (hedge funds, pension funds, and the like) who bought low-quality debt (i.e., loans of people more likely to default) packaged as higher-quality debt.

That isn't you. And many people wouldn't have gotten any loan at all if not for the banks lowering credit standards...so are you complaining that you got to buy a home in the first place?

The banks got "bailed out"...by getting loans. Expensive ones. They've paid them back or are paying interest, and the government is making a profit on that part (feds may lose money on the non-bank loans to AIG and GM, but that remains to be seen).

I remember everyone running around talking about how real estate prices would always go up, bragging about how they made money reselling their home and bought bigger. "Buy more house than you need, it'll go up!" That always sounded crazy. Turns out it was.

Stop raving, citing irrelevant articles by random nimwits, and either pay for your house or get out of it.

And to all the hard-working people who've gotten laid off, sick, or other things that aren't their faults, but can't make a mortgage payment because of it--I'm sorry. I sympathize, but you can't get something for nothing. If you're living at the edge without enough savings and you buy a house or car or whatever on credit, it might get repoed or foreclosed. But nothing is free. If we gave a free house, everyone else has to pay for it--higher taxes, interest rates, etc. The banks don't owe you a modification...you made a deal. Live with it.

A systematic plan to create the illusion of stability and provide no-risk profits to the mega-Wall Street banks was implemented in early2009 and continues today. The plan was developed by Ben Bernanke, Hank Paulson, Tim Geithner and the CEOs of the criminal Wall Street banking syndicate. The plan has been enabled by the FASB, SEC, IRS, FDIC andcorrupt politicians in Washington D.C.

@anonymous above you're a troll for the banks...the amount of fraud by the banks has been more than documented.....the bailout for insiders is evident....the bankers payout on loans was subsidized by the fed...the same low rate subsidy for the banks has destroyed savings for many others.....and whether or not your sorry in the scheme of things means absolutely nothing.

A lot was free if you were on the right side of this corrupt game.

...and by the way most of the people you call nitwits...like Tavakoli, Black, Whelan, Stockman...you couldn't shine their shoes!

@Stop raving, citing irrelevant articles by random nimwits, and either pay for your house or get out of it.

Read

"To the prosecutors, I would exhort that there is so much low hanging fruit in terms of bank fraud that you should focus your efforts there: "There was “Origination Fraud” that took place; Nonfeasant Regulators who refused to do their legal duty because it disagreed with their personal philosophy. MERS engaged in dubious behavior that can best be described as “Extra-Legal;” Foreclosure Fraud remains rampant; All prosecutors need to do is follow the money to see how systemic bank fraud contributed to the financial crisis."

There’s Another Crisis Coming as Long as Banks Remain Above the Law: Bill Black

It's a matter of "unofficial" policy, he claims. "The de facto policy right now is elite frauds go free if they're in banking because the whole sector is too fragile. That is significantly insane. It will produce the next crisis." Essentially he's saying officials think it's more important for the banking sector to make money than it is for them to follow the law.

In the accompanying interview with Aaron Task, he notes that Treasury or White House officials are fully aware of the fraud, citing FBI testimony as far back as 2004 about rampant fraud in the mortgage market. In fact, Black says the problems banks are now facing with foreclosure paperwork are simply a result of the foreclosure frauds that were never addressed. "Every time you fail to root out the frauds, the fraud simply migrates. It migrates from the lending process to the foreclosure and servicing process."

How do you get rid of the evidence?....nothing at this point would be surprising...

Should Gov't Pay to Reduce Housing Supply?

The shadow inventory of homes in the United States currently stands at 1.8 million units. That's a nine-month supply. Add to that the current 8.6-month supply of existing homes on the market and you can bet home prices will decline further. Some say destroying the homes to get rid of the excess supply is the only way out of this mess. But who pays?

Should the government pay to bulldoze abandoned, foreclosed homes to shed excess housing supply?

Share your opinion at the CNBC poll here...

They'd rather throw people in the streets and bulldoze the homes than work out a solution...

Ever think that they might not have clear title to these homes and the only option is to bulldoze?

Saturday, April 30, 2011Arizona Representative Drops Chain of Title Notification Provision After Apparent Bribe by Servicer

If you thought the Friends of Angelo program, via which Countrywide gave very favorable mortgage terms to assorted Congresscritters, was pretty bald-faced, you ain’t seen nothin’ yet.

One thing though… from what Darrell explained to me, Carl Seel must have been in a very good mood the day of his unexpected tardiness, because even though he had been previously turned down twice for his own loan modification, two days before he showed up too late to propose the amendment, Ocwen granted him a PRINCIPAL REDUCTION that reduced his mortgage to $88,000 from roughly $190,000… that’s a reduction of approximately 56% give or take a few points one way or the other.

Not only are the authorities engaged in a coverup of servicer abuses,they aren’t even bothering to pretend that the effort is serious. Apost on Housing Wire offers some choice tidbits:

When mortgage servicers signed consent orders with the Office ofthe Comptroller of the Currency and the Federal Reserve, thesecompanies were required to hire outside firms to conduct “look back”evaluations of questionable foreclosure practices.

But these reviews will not be made public, according to an OCC spokesman.

So here’s what’s going down. The bank regulators are going to providecover for the banks by pretending to discipline them very hard, butnot really doing anything. The public will see a stern C&D order, butthere won’t be any action beyond that. It’s as if the regulators aresaying so all the neighbors can hear, “Banky, you’ve been a bad boy!Come inside the house right now because I’m going to give you aspanking!” And then once the door to the house closes, the instead ofa spanking, there’s a snuggle. But the neighbors are none the wiser.The result will be to make it look like the real cops (the AGs andCFPB) are engaged in an overzealous vendetta if they pursue furtheraction.

The New York Fed Working to Bend Real Estate Law to Suit Needs of Banks

Notice how there is no timeline in this discussion? If you were to read the paper, you’d think banks created this great system called securitization which “enables the initial lender to replenish its supply of capital to make new loans.” But whoops! They somehow didn’t realize there would be a lot of operational demands, and now we have “money losing servicers trapped in too-big-to-fail institutions.” Notice NO OTHER EXPLANATION is offered. The only possible culprit is therefore those pesky but important legal requirements that bit the securitizers in the ass.

Utter hogwash. Securitization has been around since 1970. Private label securitization started to become a meaningful activity in the later 1980s. And most important, the industry managed to satisfy all those operational requirements and servicing was seen as a decent, even attractive business Remember how Bank of America was falling all over itself to buy Countrywide? The prize was Countrywide’s servicing unit.

So the real reason that industry is having trouble with foreclosures and servicers are losing money has absolutely nothing to do with the reasons suggested by the Fed. Two of the three are due to the industry running roughshod over the law. MERS was vetted only on a Federal law level; no review was ever undertaken of whether it would work under the laws of all the states. It was brazenly assumed that if MERS was imposed, the states would roll. That proved to be a tad optimistic. The second reason, the abandonment of established procedures, is fraud pure and simple. The packagers and trustees lied in the PSAs and the ongoing certifications.

I’m nevertheless disturbed by the Fed trying to insert itself in a process in which it has no legitimate role, and as its paper indicates, in which it is willing to misrepresent facts to assist banks. Its concern instead should be for the public and the integrity of the housing market, both of which are victims of securitization industry greed and recklessness. But it will take root and branch reform of the Fed before that could ever happen.

Bank Tout Dick Bove Proves His Ignorance in Defending of His Meal Tickets

Is Dick Bove’s put-foot-in-mouth-and-chew exercise yesterday proof of the eagerness of the banking industry to push back against any and all interference in their ability to milk the public, or merely that Bove is a great negative indicator (one of his most famous calls was to buy Citi in early March 2008. You’d have lost more than 3/4 of your money if you’d followed his advice.)

News that New York attorney general Eric Schneiderman has opened an investigation into the mortgage activities of Goldman, Morgan Stanley, and Bank of America sent Bove into a tizzy. Despite ample evidence of bank malfeasance (forgeries, fabricated documents, foreclosing on the wrong people, inability to find notes, force place insurance, and the report that the US Trustee, an arm of the Department of Justice, has found widespread, significant overcharges) Bove insists their right to prey on the public must be preserved…..because it will hurt lending.

As I've mentioned many times before, much of the mortgage pain could have been reduced using federal bailout money (or any of the more than $4 trillion of excess reserves, treasuries, and mortgage assets on the Fed's books) to forcibly reduce mortgages, rather than being given to sustain the banks that created them and are sitting on devalued assets (the homes) the loan risk for which, they continue to shove onto borrowers, that don't have access to 0-.25% money.http://www.nomiprins.com/thoughts/2011/5/17/foreclosures-just-lower-cause-banks-are-too-busy-foreclosing.html#comments

Even though the filing is very long, the first third, which provides detailed descriptions of LPS’s purported misconduct, makes for gripping reading even for those who have been on this beat a while. Later on, it cites various media sources to track increasing public recognition of what LPS was up to, and NC is quoted at some length.

The filing relies heavily on affidavits by 17 confidential witnesses, all former LPS employees, some of them supervisory level. It is thus able to allege that bad practices were widespread and clearly designed and driven by top management.

The document goes through a detailed account of firm’s use of robosigners, surrogate signers (aka forgers) and its document fabrication service, DocX. While this may seem to be old hat, some of the details are nevertheless intriguing (management at least bothered to try to select forgers based on their ability to make signatures that resembled the original; anyone who questioned whether this activity was proper was fired within a week). More important, this lawsuit does serious damage to the claims of bank defenders (the latest being Karl Rove in the Wall Street Journal) that foreclosure abuses were merely about cutting corners and everyone who was foreclosed on deserved it.

What's happening here is a mass delusion. We have a bunch of institutions that through their own hand violated not only black-letter law but the contractual provisions they entered into with investors around the world. When this failure was first discovered they tried to cover it up with bogus affidavits that nobody had even read, say much less verified - if they had verified them they would have known that the paperwork wasn't done and the alleged transfers were not made. When they got caught doing that the next response was to claim that the homeowner was a deadbeat anyway, and thus "deserved it", which is identical to the rapist claiming that his victim "deserved" to be raped because she had a short skirt on and no panties, and he could "clearly see" the target of his assault.

We properly dismiss that sort of defense these days when it comes to rape, although that same delusional process used to work once in a while in those cases.

If I "lend" you money but fail to protect my own interests by my own hand, uncolored by anything you do, that I have reduced or eliminated my rights of recourse is not your problem. It's mine. It is not unjust for a debtor to demand that his creditor prove that he followed the law and that he really is the creditor, especially when there is very reasonable doubt as to whether or not he is.

Finally, it is never excusable to say "well that apparent felony (perjury) is just fine because the deadbeat over there didn't pay his mortgage."

Do you remember the brouhaha over testimony by a senior executive in Countrywide’s mortgage servicing unit last year? It called into question whether mortgages had been conveyed properly to securitizations, which in turn would impair Bank of America’s ability to foreclose.

So sports fans, this is looking to be as bad as it could be. As we said, the only reason for attorneys to be engaging in widespread document fabrications and forgeries was if they have a very bad fact set on their hands. Perversely, things have to get worse before they get better. The mortgage securitization system, which could have operated well if the industry had not gotten greedy and violated its own procedures, is hopelessly broken. The industry has engaged in a massive PR campaign to deny that fact but too much contrary information keeps coming forward. We can only hope that enough judges have become skeptical of banks to give the documentation a real look. Only when we admit the depth of failure can we have a chance of addressing the mortgage crisis and reconstituting our system of transferring residential real estate.

I'm still stuck on the "pay for your bloody house". For example, the idea that some couple in Florida has been living in a house for five years without making a payment is obscene. I pay monthly for my condo.

And to the nimrods above--no, I don't work for a bank, or with banks, or have anything to do with mortgages or loans other than my own.

As far as to all the securitization transfer mess, best thing would be to just pass a law saying it was all ok--as long as people are getting proper credit for all their payments, doesn't really matter who owns the loan. And require the owner of the loan to be clearly listed someplace in a central database so borrowers can get in touch with them (or sue the owner of the loan if they did d something shady).

I just see a huge disconnect here by some of the posters, who think that because some iffy loans were done they should get out of theirs.

You want to "hold the banks responsible", but don't want personal responsiblity. I think that's just plain wrong. If you knew your payment and interest rate when you signed for your loan--well then, nobody cheated you. You applied for a loan, you got a loan.

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity

She had made countless calls to Ocwen throughout the past year and was repeatedly told that everything was fine and that she was under consideration for a modification. Now, all of a sudden, with absolutely no explanation, her home was to be sold at a trustee sale. Again she explained why they had fallen behind in the first place, that things had stabilized since then, that Ocwen had not allowed them to try to make up the payments they had missed, but rather had advised them to apply for a loan modification.

A lead foreclosure fraud investigator for the state said she and a colleague were forced to resign from the Florida attorney general's office, unexpectedly ending their nearly yearlong pursuit to hold law firms and banks accountable.

Former Assistant Attorney General Theresa Edwards and colleague June Clarkson had been investigating the state's so-called "foreclosure mills," uncovering evidence of legal malpractice that also implicated banks and loan serv­icers.

Despite positive performance evaluations, Edwards said the two were told during a meeting with their supervisor in late May to give up their jobs voluntarily or be let go. Edwards said no reason was given for the move.

The foreclosure investigations were launched under former Attorney General Bill McCollum, but Edwards said she sensed changes were coming under Gov. Rick Scott and Attorney General Pam Bondi.

"I think they wanted to put people in there that were more in line with their thinking," Edwards said.

I also feel if you take on debt you should be held accoutable to repay the debt. But when I purchased my home it was not only to have a place to live but also as an investment. Before the bank disatser i had maybe 40K in equity. At the peak of the bubble i had about 140K. Today (after a loan modification I am 20K upside down. The banks stole the equity from our homes and sold it. The value of the equity does not really exist until you sell your home. If it did i would still have it. They made billions on the way up and they mad millions on the way down by shorting the comodities they crerated out of thins air. How could it be legal or ethical to promote and sell a product at the same time you are betting it will collapse so you can make even more money. They are still making money form the insurance on every short sale the make and on the fees for late payments and foreclosure fees. Here I sit and pay for a house that I will takes years to get even on and even longer, if ever, to make any money on. So yes you should not create bills you can not afford to pay. But you should not lie, cheat or steal from people either and thats exactly what the banks did to the american people. Not all banks of course. So my feeling have changed. The bakns deserve whatever they get.I say if you can get out of the mortgage thyen so be it.

Building an empire, one home at a timeHe operates the largest foreclosure law firm in the state, and these hard times have made Mark P. Harmon a very busy man. Some critics assail his tactics, but Harmon is unapologetic: Lenders, after all, need zealous lawyers, too.

In October, a judge issued a preliminary injunction preventing the auction. The case is still pending.

Mack’s suit is one of more than 100 cases filed in Massachusetts superior and federal district courts since 2005 against Harmon Law Offices, by far the state’s largest legal firm specializing in foreclosures. In Boston alone last year, it handled 40 percent of all home foreclosures - about one a day, according to a Globe review of public records. Statewide, the company has advertised more than 15,600 foreclosure auctions scheduled between January 2010 and September of this year.

With a law office, title firm, and auction company under his umbrella, Harmon has assembled a network that can slice through the complexities of a foreclosure faster than most stand-alone legal firms - it’s a one-stop shopping center for banks and mortgage companies. A reputation for speed and efficiency has attracted major clients such as Bank of America Corp. and JPMorgan Chase - in addition to Wells Fargo - which hire Harmon Law to process thousands of cases annually. It is also one of just five Massachusetts law firms on a list that mortgage giant Fannie Mae uses to farm out business.

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I was not sure of getting a legit loan lender online because of the scams story i hear some years back. But when i could not face my Debt any more and my son was on hospital bed for surgery that involve huge money then i have to seeks for Assistance from friends and when there was no hope any more i decide to go online to seek a loan and i find Marian Lawson Loan company (marianlawson@outlook.com) with 2% interest Rate and applied immediately with my details as directed. Within seven Days of my application She wired my loan amount with No hidden charges and i could take care of my son medical bills and pay off my debt. I will advice every loan seeker to contact Marian Loan Company with marianlawson@outlook.com For easy and safe transaction...

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Hello everyone am very happy today I just received my loan from one God fearing woman Mrs Robert Barbara when all my hope was lost that I can never get a loan anymore because I have been scammed by many lenders but I just encourage my self and take a bold step and apply with this lender but am very happy to say today that I just received my loan of $110,000,00 US DOLLARS I will advice you all that are In need of a loan to just simply contact her on this email address: (robertbarbara55@yahoo.com) and get your loan today, have a nice day to you all...

Hello everyone am very happy today I just received my loan from one God fearing woman Mrs Robert Barbara when all my hope was lost that I can never get a loan anymore because I have been scammed by many lenders but I just encourage my self and take a bold step and apply with this lender but am very happy to say today that I just received my loan of $110,000,00 US DOLLARS I will advice you all that are In need of a loan to just simply contact her on this email address: (robertbarbara55@yahoo.com) and get your loan today, have a nice day to you all.........

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My name is Amanda Flinch, I was struggling with funds and in need 0f a quick loan of 18,000 euro to settle my debts and I tried everything I can think of and couldn't seem to find any other way of getting the money because I had a bad credit and the bank wouldn't answer to my cries. To God be the glory I just got my loan today December 29th in my banking account by the help of John Michael from ACE LOAN SERVICE (aceloanservices@hotmail.com), a loan company, after applying 3 weeks ago. I was directed to him by a friend after I was scammed of my hard earned. Initially, I needed a sum of 9,000 euro but after several scammers took money from me, I was left in a bigger debt in the period of 7 months but today I can boldly and proudly say I have paid the debts and I assure you out there looking for a loan to contact him he is a real and a legitimate lender. aceloanservices@hotmail.com

They are legit and honest and I promise myself to help those in need of a loan and also to expose those people who take advantage of our defenseless situation. contact Mr John now on aceloanservices@hotmail.com

Do you need an urgent loan to finance your business or for any purpose? We are certified international licensed loan lender. We offer loans to Business firms, companies and individuals at an affordable interest rate. It might be a short or long term loan and even if you have poor credit history we shall process your loan as soon as we receive your application. We are an independent financial institution. We have built up an excellent reputation over the years in providing various types of loans to thousands of our customers. We Offer guaranteed loan services of any amount to citizens and non-citizens. We offer easy personal loans, commercial/business loan, car loan, leasing/equipment finance, debt consolidation loan, home loan etc.

If in need of an urgent loan email: goldcrustcorp@yahoo.com.Brad SullivanMarketing Director,Gold-Crust Financing Credit & Development Corporation.

Good day Audience. I am Brenda Williams a single mom, from Ohio USA, i want to use this great medium to announce this lender Mr Joshua Brown who is really a God sent to my family. few months back i was in search of a loan form the internet where i was scammed of $3,000.00 i never thought i will ever apply for a loan on the internet again before i met a post about this lender made by one Monica Carlos who also got a loan from him, then i took a try again, after loan processing i was ask to provide my banking details which i did and to my greatest surprise i was granted a loan of $45,000.00 at first i thought it was a joke until i got to the bank to confirm and it was true, i was overwhelmed with joy. so i want you all who desire a loan and are capable of paying back the funds at the due time to contact:(fidelitybankloanoffer4@gmail.com) and be a partaker of my testimony.

Great thanks unto these great company who made it possible for me to upgrade my business i was stuck in a financial situation and i needed to refinance my business and pay my bills.Until i met this company who helped me out with the sum of [$100,000]. I'm very glad and happy because I tried seeking loans from various loan firms both private and corporate but never with success,and most banks declined my credit.Truly i want to thank Mr Barry More who seriously help me through and ensure i get the loan without delay.If you must contact any firm with reference to securing a loan with low interest rate of 3% and better repayment plans and schedule,please contact Mr Barry More at [barrymoreloans12@gmail.com ] for a fast and safe loan.

Few weeks ago i have been looking for funding and i got information on a private firm, and when i contacted them, they met my needs, so i would advise anyone out there looking for loan or financing to make the take the same step as i did, they guarantee a positive result. to get in touch with Mr. James Carl (CEO) just SMS: 267-884-0582or email directly: jamescarl@zoho.com

I live in USA Florida and i am a happy woman today? I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to Them. If you are in need of loan and you are 100% sure to pay back the loan please contact them and please tell them that Mr Alfred Kessinger, Lynn referred you to them. am.invest@hotmail.com

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Famous Quotes

The men the American people admire most extravagantly are the greatest liars; the men they detest most violently are those who try to tell them the truth. … H.L. Mencken

An age is called Dark not because the light fails to shine, but because people refuse to see it…James Albert Michener, novelist (1907-1997)

It is impossible to calculate the moral mischief, if I may so express it, that mental lying has produced in society. When a man has so far corrupted and prostituted the chastity of his mind as to subscribe his professional belief to things he does not believe he has prepared himself for the commission of every other crime. … Thomas Paine 1737-1809, Anglo-American Political Theorist, Writer

Laws just or unjust may govern mens actions. Tyrannies may restrain or regulate their words. The machinery of propaganda may pack their minds with falsehood and deny them truth for many generations of time. But the soul of man thus held in trance or frozen in a long night can be awakened by a spark coming from God knows where and in a moment the whole structure of lies and oppression is on trial for its life.: Sir Winston ChurchillWhen governments fear the people, there is liberty. When the people fear the government, there is tyranny. - Thomas Jefferson

When cheaters prosper, we end up with the worst possible system and to call it a free market system is an obscenity. -William BlackWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty." - Thomas JeffersonI believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property - until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson - 1802

Don't be afraid to see what you see.

..................................... Ronald Reagan

When the people and the government fear Banksters like Goldman Sachs and JP Morgan, there is economic dictatorship that will destroy the very fabric of our existence as a civilized society.Mike Morgan

Let me control the money of a nation and I care not who makes its laws.Meyer Amsheil Rothschild

Together We Can Make A Difference!Larry Rubinoff*************Send your "Famous Quotes" to info@goldmansachs666.com